Telegram bots have become increasingly popular in the world of cryptocurrency, providing users with exposure to the market and a range of related services. A recent report by Binance Research reveals that the cumulative trading volume associated with Telegram bots has surpassed $190 million as of early August 2023.
The report highlights the rising trend of crypto activity facilitated through Telegram bots in recent months. On July 23, daily volumes of chatbot-enabled crypto trades reached a record high of $10 million. Furthermore, user metrics also saw a record high in July, with over 6,000 daily unique users.
According to the Binance Research report, Telegram bots have collected more than 15,500 Ether (ETH), equivalent to approximately $28 million, in all-time revenue.
Similar to conventional Telegram bots, cryptocurrency-enabled Telegram bots allow users to interact with specific programs and complete various tasks by sending messages on the Telegram messenger. These bots are often connected to peer-to-peer or decentralized cryptocurrency exchanges, enabling users to execute trades using commands in the chatbot.
Binance Research’s chief financial officer, Jie Xuan Chua, believes that Telegram bots have the potential to carve out their own niche in the crypto ecosystem by offering users a relatively seamless way to execute transactions. Chua suggests that Telegram bots could become an integral part of the cryptocurrency ecosystem as they provide a range of crypto services, including trading, airdrop farming, and automated token operations such as sniping.
The recent surge in activity related to Telegram’s crypto trading bots can be attributed to the soaring prices of related tokens. For instance, the Unibot (UNIBOT) token, which serves as the governance token for the eponymous trading bot on Telegram, experienced a staggering rally of up to 400% by late July, reaching an all-time high of $199 on July 28.
Chua further highlights that UNIBOT played a significant role in the recent burst of activity on Telegram trading bots, accounting for over 77% of the market in terms of its market capitalization.
It is still too early to determine whether the growth in Telegram bots-enabled crypto activity indicates a trend reversal or merely a temporary blip before activity rallies again, according to Chua. However, he believes that we can expect continued developments in the near future as projects compete for market share.
Chua also emphasizes the importance of conducting thorough research before interacting with any Telegram bot. Given the nascent nature of the sector, users must be aware of the associated risks, including those related to the security of assets and smart contracts.
In conclusion, Telegram bots have emerged as a valuable tool for users seeking exposure to cryptocurrency markets and related services. With a significant trading volume and an array of crypto services offered, Telegram bots are likely to continue playing a prominent role in the cryptocurrency ecosystem. However, it is crucial for users to exercise caution and conduct their own research to mitigate potential risks.